Switzerland Retail November 2015

Switzerland: Retail sales contract in November

January 11, 2016

In November, retail sales contracted a seasonally- and working-day adjusted 2.1% over the same month of the previous year. The reading followed the 1.1% decrease seen in October. According to the Federal Statistics Office, November’s decrease reflected falling sales of food, drinks and tobacco.

On a sequential basis, retail sales adjusted for seasonal factors dropped 0.8% in November, thus contrasting the 0.2% increase seen in October. Annual average growth in retail sales fell from a 0.8% decrease in October to a 0.9% drop in November, which marked the lowest level on record.

Panelists polled by Met the why particular expect private consumption to expand 1.5% in 2016, which is unchanged from last month’s projection. For 2017, the panel expects private consumption to increase 1.6%.

Author:Dirina Mançellari, Senior Economist

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In December, the manufacturing Purchasing Managers’ Index (PMI) produced by Credit Suisse and procure.ch was broadly stable from a month earlier, inching up 0.1 points from November’s 65.1 points to 65.2 points—a more than seven-year record.

In December, the KOF economic barometer—a leading composite indicator for the Swiss economy forecasting a six-month period—rose by 0.9 points, to 111.3 from a revised 111.4 in November (previously reported: 111.3).

On 14 December, the Swiss National Bank (SNB) decided to hold the target range for the three-month Libor unchanged at between minus 1.25% and minus 0.25%, a move that was widely expected by market analysts and came as the recovery of the Swiss economy continues gaining momentum.